Bloomberg News confirmed through using a Freedom of Information Act request that Mitt Romney set up a charitable remainder unitrust (CRUT) in June 1996 just before Congress cracked down on the loophole in 1997. While Republicans have extolled Romney for his charitable donations, most of them are contributions to the Mormon Church, and according to this, the church will likely receive even less than the primary donation, while he is benefiting. While Romney’s tax avoidance is legal, it’s still questionable since he has refused to release his tax returns. "In this instance, Romney used the tax-exempt status of a charity — the Mormon Church, according to a 2007 filing — to defer taxes for more than 15 years,” Bloomberg’s Jesse Drucker explained. “At the same time he is benefitting, the trust will probably leave the church with less than what current law requires.” The rules don't apply to Mittens, do they? Is this the president the country needs?
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